The European Commission plans to include maritime transport in the world’s biggest carbon market and create an adjacent emissions-trading program for heating and road transport.

Fossil fuels, particularly oil, have provided bumper rewards for commodity traders that have navigated the extreme market volatility of the pandemic. But the sector now sees the shift away from hydrocarbons not as a threat but an opportunity for profit, as it looks to help manage the world’s move to cleaner forms of energy.

Many companies can decarbonize their supply chains—and fight climate change—without inflicting major cost increases on their customers.

Canadian retailer Holt Renfrew has outlined new ambitious sustainability targets, addressing its carbon emissions by way of newly-approved science-based targets and its use of materials.  

US retail giant Target has outlined a sweeping new sustainability vision through to 2040, including commitments to net-zero emissions and eliminating waste.

German technology provider GEA Group announced in a statement its goal to become carbon neutral along its entire value chain by 2040. GEA’s new climate strategy has been submitted to the Science Based Targets Initiative (SBTI), an independent body that reviews climate targets to confirm if the company is in line with the Paris Agreement. 

Schlumberger’s decarbonization plan leverages technology to address operational emissions, customer emissions, and carbon-negative actions. With minimal reliance on offsets, the plan is focused on reducing Scope 1, 2 and 3 emissions across the oil and gas value chain—including the introduction of its Transition Technologies portfolio to assist its customers and the wider industry in their decarbonization commitments.